The Federal High Court in Lagos has ordered the temporary confiscation of digital assets worth $222,729.86 that are linked to the illegal activities of the 193 foreigners and 599 Nigerians arrested by the Economic and Financial Crimes Commission (EFCC) in December.
Further investigations revealed that these suspects were members of a ring that participated in bitcoin investment fraud and dating frauds.
The 792 people arrested were allegedly involved in a variety of offences including bitcoin investment fraud and romantic scams.
Following the EFCC’s exparte plea, Justice Alexander Owoeye issued the order of temporary forfeiture.
The EFCC’s motion, filed by its counsel, Zeenat Atiku, was brought under Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.
After issuing the judgement, the judge asked the EFCC to publish it in a national newspaper so that anyone with an interest in the assets might appear before the court within 14 days to show cause why the assets should not be permanently forfeited to the Federal Government.
The order reads, “An interim forfeiture order of this Honourable Court forfeiting to the Federal Government of Nigeria digital assets listed in the schedule hereunder, which proceeds were traced and reasonably suspected to be proceeds of unlawful activities.”
In a seven-paragraph affidavit deposed to by an EFCC investigating officer, Owolabi Taiwo, the Commission said it received intelligence about a large-scale fraud involving foreign nationals operating in Lagos.
Owolabi claimed that a subsequent search operation resulted in the arrest of 792 alleged cybercriminals and the seizure of approximately 1,000 routers, SIM cards, computers, and mobile phones.
Further investigation found that these individuals were members of a ring that participated in bitcoin investment fraud and dating frauds.
The syndicate funded its operations through Genting International Co. Limited (GICL), a Nigerian-registered corporation.
He stated that the company’s Union Bank account received over N2.26 billion from April to December 2024.
He added that “Bank statements showed that the primary inflows into the account came from cryptocurrency vendors, Chukwuemeka Okeke and Alhassan Aminu Garba, who provided statements under caution. They reported receiving a total of $2.39 million in USDT from the syndicate through peer-to-peer trading. Further blockchain analysis traced these funds to wallet addresses linked to fraudulent schemes, including Conti.vip.
“The investigation also revealed that GICL, established by foreign nationals, was used to launder the proceeds of fraudulent activities. These individuals, operating without valid work permits, are violating Nigerian laws”.
The court has adjourned the case to March 7, 2025, for a compliance report.
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